LeveL ATS is a continuous crossing US Equity Alternative Trading System (ATS), designed to transform dark pool executions with crossing innovation.


Launched in 2006 LeveL ATS is a leading, independent US Equity Dark Pool trading execution and technology provider focused on delivering fast, efficient, low-cost trading while minimizing market impact and information leakage.

All LeveL ATS subscribers must be U.S. Registered Broker-Dealers.
LeveL ATS trades NMS securities that are listed to trade in 100 share lots.

  • Market

  • Limit

  • Peg

    • Market

    • Midpoint

    • Primary

  • Conditional

  • VWAP Block

  • VWAP Slice

  • VWAP Full Day

Subscribers can connect via cross connects within Equinix NY4 or through various extranet providers. Please contact us at [email protected] or at 617-350-1605 for additional information.

The LeveL ATS matching engine is located in Equinix NY4 Secaucus, NJ.

LeveL ATS does not offer the ability to co-locate directly with the matching engine, however as noted above, the LeveL ATS Matching Engine is located in Equinix NY4.

No. LeveL ATS does not route any order flow.

The Operating MIC Code for LeveL ATS is LEVL. LeveL also owns the MIC Code EBXV.

The LeveL ATS Production system is available between 7:00am – 5:00pm EST. Resting orders will be accepted between 7:30am – 4:00pm EST, with IOC orders accepted 9:30am – 4:00pm EST pending symbol open.

Order Matching – Executions will occur between 9:30am – 4:00pm EST. * (Holiday hours as the exception)

LeveL ATS supports order entry via FIX 4.2 only.

LeveL ATS uses the SIP for its Market Data.

LeveL ATS uses trade reports from CTA/UTP. Each trade report signifies whether that trade is “last sale eligible.” The symbol is deemed to have been opened when the first trade report is received and is marked as “last sale eligible” as determined by the consolidated tape.

Yes, all orders received by the LeveL ATS are handled on a Not-Held basis.

LeveL ATS executions are printed to the FINRA/NASDAQ TRF.